Ecuador 2013 car market fell down 15%, acccordingly with data released by AEADE, the Association de Empresas Automotrices del Ecuador, following the 14.4% loss reported in the previous year. Indeed Light Passengers vehicles annual volume was 101.485, and Ecuador ranked 52nd in the global car market ranking.
The market is struggling despite the Ecuadorian economy began to recover from the effects of the global crisis already in 2010, with a growth rate of 3.5%, reaching 7.8% in 2011 (the third highest rate in the region). Economic growth remained robust in 2012, with a growth rate of 5.1% and strong through the third quarter of 2013, at an annual rate of 4.9%. Economic growth in Ecuador has been inclusive, which has directly reduced poverty and inequality levels and increased the middle class. Between 2006 and 2013, income poverty (using the national poverty line) fell from 37.6% to 25.5% whereas extreme poverty declined from 16.9% to 8.6%.
Despite significant challenges remain in terms of the sustainability of these achievements, the improvement of pro capita revenue and the growth of a middle class would fuel a strong increase in the car market as the government would reduce the really high duties on imported vehicles that have constrained the market in the last two years. Our forecast for 2014 is positive with market up around 10% on annual basis.
In the competitive arena, competition is low, considering that the market is dominated by Chevrolet that further improved market share during the 2013 at 46.8%, up 0.9 points of share from the previous year.
Kia advanced in second place with 12.300 sales and 12.1% of share, up 3.6 points from 2012, followed by Hyundai with 9.629 sales and 9.5% of share.
In fourth, Mazda was in one of best ranking worldwide followed by Toyota and Ford, very distant from the American “enemy” of Chevrolet.
In the interactive tables below you can sort thru All-brands ranking as you like:
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